What is the Objective of a Product Launch?

TL;DR

• A product launch is a coordinated effort to bring a new product to market.

• Launch objectives are how you measure the success of your launch. They should be clear, measurable, and time-bound.

• Good launch objectives focus on outcomes, not outputs. Examples of good launch objectives include increasing revenue by a specific amount by the end of a quarter or increasing customer satisfaction within a set timeframe.

• To define launch objectives, first determine the objectives of your business and product. Make sure these objectives are aligned. Then, develop a set of measurable launch objectives and choose the most important ones.

• Download the Launch Objectives Worksheet

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The objective of a product launch is to bring a product to market that accelerates business goals.

Reframing Product Launch Objectives: Beyond Deliverables, Focus on Results

A product launch is more than a mere checklist of tasks. It's a strategic initiative aimed at accelerating the overarching business goals. The true measure of a successful launch isn't the deliverables you ship, but the tangible results you achieve. It’s about winning new customers, keeping existing ones happy, growing your market share, and stealing customers from competitors. In short, it's about Win, Keep, Grow, and Steal.

This mindset shift helps you focus on outcomes, not outputs. It encourages you to think beyond the immediate launch and consider the long-term impact on your business. It’s time to reframe your understanding of product launch objectives and set your sights on achieving meaningful business results.

Win: Acquiring New Customers

The first objective of any product launch is to win new customers. This means attracting people who have never used your product or service before. To do this, you need to create a compelling value proposition that clearly articulates the benefits of your product and how it solves their pain points. You also need to make sure your product is easily accessible and that your marketing efforts are reaching the right audience.

Keep: Retaining Existing Customers

While acquiring new customers is important, it's equally crucial to keep your existing customers satisfied and engaged. This means providing excellent customer service, addressing any issues promptly, and continuously improving your product based on their feedback. Remember, it's much easier and cost-effective to retain existing customers than to acquire new ones.

Grow: Expanding Your Market Share

Once you have a solid customer base, the next objective is to grow your market share. This means increasing your sales and expanding your reach within your target market. To achieve this, you need to continuously innovate and improve your product, offer competitive pricing, and expand your distribution channels.

Steal: Capturing Competitors' Customers

Finally, you also want to steal customers from your competitors. This means identifying their weaknesses and offering a superior product or service that entices their customers to switch. This requires a deep understanding of your competitors' offerings and a clear differentiation strategy.

Setting the Right Launch Objectives

To set effective launch objectives, you need to first understand your overall business and product objectives. Your launch objectives should be aligned with these broader goals and contribute to their achievement.

There are three things to look for in well-defined launch objectives.

1. A metric that can be measured

2. A quantity of that metric to achieve

3. A timeframe to achieve the quantity

It's also important to prioritize your launch objectives. You can't achieve everything at once, so focus on the most important objectives that drives the biggest impact on your business.

A Simple Framework for Defining Launch Objectives

Here's a simple framework to help you build launch objectives.

1. Determine the goals of your business. What is the business trying to accomplish?

2. Document the document the goals of the product. What are you trying to accomplish with the product?

3. Do the product goals support the goals of the business? No? You got an alignment problem, and it needs to be resolved. Yes? Continue.

4. Develop the launch objectives that best fit the product and business goals (Win, Keep, Grow and Steal).

5. Reduce that set to the smallest possible set (a set of one is perfect). This exercise is about defining the success of a product launch, not trying to please everyone. Be wary of scope creep.

6. Document the launch objectives, propose them to your launch stakeholders, gain approval, and socialize them with your launch team.

7. As more is learned throughout the launch planning process, revisit your launch objectives and adjust as needed.

Wrap Up

Defining the objectives of a product launch is a critical step in ensuring its success. It's not just about shipping a product; it's about achieving meaningful business results.

By focusing on the key metrics of Win, Keep, Grow, and Steal, you can set clear, measurable objectives that will drive your launch strategy and help you achieve your desired outcomes.

Remember, a successful product launch is not an end in itself, but a means to an end. The ultimate goal is to create a product that people love, that solves their problems, and that contributes to the growth and success of your business.

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